Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to the City and County of San Francisco, Calif.'s 2009B certificates of participation (COP). At the same time, we affirmed our 'AA-' long-term and underlying ratings (SPUR) on the city's outstanding debt. The outlook is stable. The rating reflects our view of the city's: Central role in the dynamic San Francisco Bay Area; Substantial spending reductions to address a continued contraction in local revenue receipts; and Moderate debt. The city has reported that it will use the certificates' proceeds to fund the construction of a building for the San Francisco Public Utilities Commission that will provide office and work space for about 1,000 commission staff members who currently use rented
